SGOV vs BIL

BIL, launched in 2007, was the original Treasury bill ETF. SGOV arrived in 2020 with a lower fee and has since grown larger. Here is how they actually differ.

By the SGOVResource.com editorial team Last reviewed Oct 24, 2026 Data refreshed Oct 24, 2026 How we calculate Editorial policy

Short answer: Both funds own only US Treasury bills and pay monthly. SGOV covers bills maturing in 0–3 months and charges 0.09%; BIL covers 1–3 months and lists a gross expense ratio of 0.1353% (gross). On $100,000, that fee gap is about $45.30 a year. Their yields usually track each other closely.

SGOV vs BIL side by side

SGOV vs BIL key facts
	SGOV iShares 0-3 Month Treasury Bond ETF	BIL SPDR Bloomberg 1-3 Month T-Bill ETF
Type	Exchange-traded fund	Exchange-traded fund
Provider	iShares (BlackRock)	State Street Global Advisors
What it holds	US Treasury bills	US Treasury bills
Maturity / rate reset	0–3 months (ICE 0-3 Month US Treasury Securities Index (USD)); weighted avg. 0.12 yrs	1–3 months (Bloomberg 1-3 Month U.S. Treasury Bill Index)
Expense ratio	0.09% (issuer, auto-updated)	0.1353% (gross) (issuer)
Current yield	3.76% 30-day SEC yield (Oct 22, 2026)	See issuer page (we don’t show peer yields without a licensed live source)
Income paid	Monthly	Monthly
Price behavior	Trades on an exchange near $100; rises slowly through the month, drops on each ex-date.	Trades on an exchange near $91–92; same accrue-then-drop pattern around ex-dates.
State income tax	95.14% of 2025 income came from US government obligations (iShares); generally state-exempt in most states.	Treasury-bill interest is generally exempt from state income tax; check SSGA’s annual tax information.
Protection	Not FDIC insured. Holdings backed by the full faith and credit of the US government; shares can lose value.	Not FDIC insured. Underlying Treasuries are backed by the US government; fund shares can lose value.

SGOV figures: iShares, retrieved Oct 24, 2026. BIL figures: State Street Global Advisors, checked Oct 24, 2026. Verify current figures with each provider before investing.

The maturity window is the real difference

SGOV’s index includes bills from the day they are issued until they mature (0–3 months). BIL’s index drops bills once they have less than one month left. In practice, BIL holds slightly longer bills on average. When the Federal Reserve is cutting rates, longer bills lock in the higher rate a little longer, which can help BIL’s yield briefly. When rates are rising, SGOV’s shorter bills reprice faster. Over a full rate cycle the difference is small.

Fees, size and trading

SGOV’s expense ratio is lower. Both funds are very large and trade tens of millions of dollars a day, so bid/ask spreads are typically a penny for either. If you already own one, switching for a few basis points of fee may not be worth realizing a gain or paying a spread, but for new money the lower fee is a reasonable tie-breaker.

Taxes

Treasury bill interest is generally exempt from state income tax for both funds. Each issuer publishes an annual percentage of income from US government obligations; see Is SGOV tax exempt? for SGOV’s figure.

Frequently asked questions

Why is BIL’s price around $91 while SGOV’s is around $100?

The share price level means nothing on its own. Each fund simply started at a different price per share and both pay out their income, so neither price trends upward. Compare yields and total returns, not share prices.

Is SGOV or BIL safer?

Both hold only short-term US Treasury bills, so their credit and interest-rate risk is very similar. BIL’s 1–3 month window excludes the very shortest bills that SGOV can hold, which gives BIL a marginally longer average maturity.

Which pays more, SGOV or BIL?

It varies. SGOV’s lower expense ratio helps it, but BIL’s slightly longer maturity window can help BIL when short rates are falling and hurt it when they are rising. Compare the latest 30-day SEC yields on each issuer’s site.

Educational information only. SGOVResource.com is independent and not affiliated with BlackRock or iShares. Nothing here is a recommendation to buy or sell any security or individualized tax advice. Estimates depend on the assumptions shown and actual results will differ. Read the fund’s prospectus before investing. Disclaimer.